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Local Government Act 2002

Regulations, other Orders in Council, and rules - Regulations

259E: Effect of amendments to, or replacement of, standards incorporated by reference in regulations

You could also call this:

“How changes to financial reporting standards affect government rules”

When the government makes rules about financial reporting, they sometimes use standards created by experts. These standards can be changed or replaced over time. This law explains how those changes affect the rules.

If the experts (called the External Reporting Board) change or replace a standard, it can automatically become part of the government’s rules. This happens if:

  1. The change follows the rules set out in the Financial Reporting Act 2013.
  2. The new or changed standard is similar to the old one.
  3. The original rules say that changes will apply automatically.

When a standard is changed or replaced, it becomes part of the rules on the same day that the change takes effect under the Financial Reporting Act 2013. This means you don’t have to wait for the government to update their rules separately.

This law helps keep financial reporting rules up to date without needing to change the whole set of rules every time a small change is made to a standard.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4926337.

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259D: Regulations may incorporate financial reporting standards by reference, or

“Rules can include special money guidelines in the law”

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259F: Proof of standards incorporated by reference, or

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Part 11 Regulations, other Orders in Council, and rules
Regulations

259EEffect of amendments to, or replacement of, standards incorporated by reference in regulations

  1. An amendment to, or replacement of, a financial reporting standard incorporated by reference in regulations made under section 259(1)(dc) (the initial regulations) has legal effect, and commences to apply, as part of the initial regulations on and from the dates referred to in subsection (2) if—

  2. the amendment or replacement is made by the External Reporting Board in accordance with the Financial Reporting Act 2013; and
    1. the amendment or replacement is of the same general character as the standard amended or replaced; and
      1. the initial regulations state that amendments or replacements have this effect.

        1. An amendment to, or replacement of, a financial reporting standard has legal effect as part of the initial regulations on and from the dates on which the amendment or replacement takes effect, and commences to apply, under sections 27 and 28 of the Financial Reporting Act 2013.

        Notes
        • Section 259E: inserted, on , by section 33 of the Local Government Act 2002 Amendment Act 2012 (2012 No 93).
        • Section 259E(1)(a): amended, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
        • Section 259E(2): amended, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).